Integration With Social Security
Definition of "Integration with social security"
Method of reducing an employee pension according to IRS procedures:
- Offset method restricted to a DEFINED BENEFIT PLAN under which a mandatory percentage of the monthly Social Security benefit payable to a retired employee is subtracted from the monthly retirement benefit payable to the employee under a business firm's qualified retirement plan.
- Integration method-used with a defined benefit plan or a defined contribution plan under which a basic level of compensation established for a retired employee so that (a) for compensation above this level, the employee receives a greater retirement benefit; or (b) for compensation below this level, the employee receives a smaller retirement benefit.
Popular Insurance Terms
Excess funds above the amount required to establish legal reserves for the policies in force. These excess funds are generated as the result of mortality savings, excess interest earned on ...
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Group whole life insurance policy designed to reduce an employee's exposure to income tax on the value of life insurance provided by the employer. The policy separates the term element from ...
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Premium that remains unchanged over time, regardless of any change in the nature of the risk. ...
Annuity that begins payments after a single premium is paid. For example, the annuitant pays a single premium of $100,000 on June 1 of the current year and begins receiving a monthly income ...
Insurance company that does not utilize the rates and policies of a rating bureau. ...
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